USDCAD bears show up near key resistance

USDCAD pauses rebound near key resistance trendline. Market sentiment might remain fragile as long as the pair holds below 1.3440.
XM Group | 649 dagar sedan

USDCAD could not climb into the 1.3400 zone despite the slight positive surprise in the US CPI inflation numbers on Thursday, staying below the ascending trendline drawn from November 22.

The pair also seems to be trapped between the upper 2021 ascending trendline around 1.3440 and the constraining line from November 2022 near 1.3345.

Encouragingly, the price has built a floor around the 23.6% Fibonacci mark of the November-December downtrend to close above the 20-day simple moving average (SMA) after two months. Despite that, the RSI has yet to enter the bullish territory above 50, while the stochastic oscillator seems to have already started a new bearish cycle, suggesting that sellers could remain active in the market.

Should the current weakness in the price extend below the 1.3325-1.3345 region, the focus could turn to the falling line from early November at 1.3277. If the bears ignore that barrier too, the pair might seek support near the lower 2021 ascending trendline at 1.3225, a break of which could bring December’s floor of 1.3176 back under the spotlight.

On the upside, the bulls will need to pierce through the 1.3440 wall and the 38.2% Fibonacci mark to speed up to the 50-day SMA and the 50% Fibonacci of 1.3537. Additional gains from there could stabilize somewhere between the tentative descending trendline from November’s highs at 1.3590 and the 61.8% Fibonacci of 1.3622.

In summary, USDCAD has not escaped negative risks despite starting the year on a good note. A decisive close above 1.3400-1.3440 could resume buying confidence in the market.

XM Group
Typ: Market Maker
Förordning: CySEC (Cyprus), FSC (Belize), DFSA (UAE), FSCA (South Africa)
read more
Inflation in Focus as Traders Eye BoE’s Next Move | 22nd October 2025

Inflation in Focus as Traders Eye BoE’s Next Move | 22nd October 2025

Markets traded cautiously as investors awaited UK inflation data, a key driver for the Bank of England’s next move. The Pound held firm ahead of CPI, oil extended gains on improving demand, and the US Dollar stayed soft. Broader sentiment was steady as easing US–China trade tensions balanced inflation-driven uncertainty.
Moneta Markets | 11h 12minuter sedan
Fed’s Dovish Tone Weakens Dollar, Lifts Majors | 15th October 2025

Fed’s Dovish Tone Weakens Dollar, Lifts Majors | 15th October 2025

The US Dollar weakened after Fed Chair Powell’s dovish remarks fueled expectations of a year-end rate cut, lifting major currencies and risk sentiment. Oil stayed subdued near $58 amid oversupply worries, while GBP/USD, EUR/USD, and AUD/USD gained. Traders await key US data and FOMC minutes for policy confirmation.
Moneta Markets | 7 dagar sedan
Gold Shines as Trade Tensions Escalate | 13th October 2025

Gold Shines as Trade Tensions Escalate | 13th October 2025

Gold soared above $3,900 to record highs as US–China trade tensions and Fed rate-cut bets boosted safe-haven demand. Oil rebounded near $59.50 on easing trade fears, while the USD held mixed. Major currencies stayed range-bound as traders awaited key US data, Fed guidance, and trade developments for direction.
Moneta Markets | 9 dagar sedan
Silver Surges as Oil Slips, Dollar Firms | 10th October 2025

Silver Surges as Oil Slips, Dollar Firms | 10th October 2025

Silver surged above $49.50 to fresh highs on rising Fed rate-cut bets and safe-haven demand, while oil fell below $61.50 as Middle East tensions eased. The dollar stayed firm near multi-month highs, pressuring major currencies. Markets remain cautious ahead of key U.S. inflation data and central bank guidance.
Moneta Markets | 12 dagar sedan